Family-friendly Lakefront Getaway Near RDU
$800,000
target home price
$160,000
cost per share
$1,506 / mo
estimated costs
$1,600 / mo
monthly income
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CASH AT CLOSING PER SHARE
|
|
Down Payment
$32,000
|
|
Closing Cost
$9,600
|
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Reserve Fund Deposit
$4,800
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Total Cash at Closing
$46,400
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Details
Our family has been considering co-ownership for awhile and we're ready to make it happen. We're now PlumCertified and are seeking other PlumCertified members who would be interested in joining us. We think the perfect lakefront getaway looks like:
Close to RDU. Less than an hour away, with stunning lake views. We're flexible as to the specific lake (although Lake Gaston, Kerr Lake, and Hyco Lake all seem like good candidates). No matter which lake it is, we want easy access to the water via a nice, flat lot and with a shoreline that is perfect for a beach and floating toys.
Modern and Move-in Ready. Like you, we're busy folks. We want the purchase and move-in process to be super easy. The ideal home is beautifully furnished with an established rental history. We'd like at least 3 bedrooms plus a bonus flex space like a basement or loft.
Lake Fun. We love lots of time in the water, and are seeking co-owners who share that love for active lakefront fun. Our perfect lakefront getaway would have shared water toys like kayaks, SUPs, and maybe even a pontoon boat! A dock or buoy would be the cherry on top!
Rules: Short-term rentals are welcome. Responsible pups for owners are a yes, renters negotiable. Fri-Fri rentals preferred for long weekend getaways.
House Usage
- 5 shares total
- 10 weeks a year per share
About the Organizer
We (Zach and Kelly) are happily settled in Durham with our 3 kids (one in college now) and little dog. We all love spending time outdoors and on/near the water and would love to co-own a lovely local lake cabin. We imagine using it a lot and renting it when we can't (we're both self-employed with pretty flexible work schedules, but kid/school schedules keep us in Durham most of the time). If you're also dreaming of a close easy beautiful lake cabin, please reach out.
Amenities
- Dock
- Porch
- Waterfront
House Rules
- Only dogs allowed
- No firearms allowed
- Short term renting permitted
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Calculated Costs per Share
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CASH AT CLOSING PER SHARE
|
|
Down Payment
$32,000
|
|
Closing Cost
$9,600
|
|
Reserve Fund Deposit
$4,800
|
|
Total Cash at Closing
$46,400
|
This is an estimate of the amount of cash needed when closing on the purchase of a property financed with a 30 year Mortgage at 8.0% interest rate.
Plum’s estimate includes 20% of the value of the house as a down payment, 6% of the value of the house for closing costs (including Plum’s Group Success Fee) and 3% of the value of the house for the initial reserve fund.
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ESTIMATED MONTHLY EXPENSES PER SHARE
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Mortgage Payment
$939
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Insurance/Taxes
$173
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Repairs
$133
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Maintenance
$133
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Utilities
$82
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Cleaning
$45
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Total Expenses
$1,506
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ESTIMATED MONTHLY INCOME PER SHARE
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Monthly Income
$1,600
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Total Monthly Income
$1,600
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A good threshold for rental property investment is the 1% Rule (source). It states that you should only invest in rental property if you are reasonably confident that the property can rent for 1% of the sale price per month.
We’ve included that assumption here. It is critical that the group validate pricing, rental history, and future rental projections of any specific property before proceeding with a purchase. You can explore rental incomes of any property with this free estimation tool at Rabbu.com.